How we build value for the long term.

A closer look at dividends.

2

Our dividend advantage.

As a mutual company,

a portion of the

earnings from our

other businesses

contributes to the

dividends that we pay

to our participating

life policyholders.

Projected Dividend Payout to Whole Life Policy Holders - 2015 vs. 2014

$163 millionover the 2014 level.

2015

2014

$1.6 billion

$1.4 billion

The combined success of all of our operations is what contributes to a truly unmatched showing of financial strength in today’s low interest rate environment. Our life insurance business is the core of that financial strength and provides us with a solid foundation.

Our other businesses have grown significantly and now generate strong earnings. As a mutual company, we are able to pass a portion of the earnings from other businesses in the form of

dividends to our participating life policyholders.

Over the past several years in particular, we have leveraged our investment management expertise by managing money for third parties (both institutions and individuals), as well as providing investment products and services for New York Life clients. New York Life Investment Management is now a growing source of earnings and is a contributor to our dividend.

As a mutual company, we don’t have shareholders, which means we can manage every dollar of value we create for the long-term interests of our policyholders. One of the ways we can do this is to reflect the earnings of our other businesses in the dividends we pay. New York Life’s mutual structure and strong and diversified business strategy has enabled us to raise the dividend scale in each of the past three years.

31 It’s important to remember that dividends are not guaranteed. Some policies are participating, but are not expected to receive dividends.

What is a dividend?When you purchase a participating life insurance policy, you pay premiums in exchange for death benefit protection and tax-deferred cash value growth.

After paying claims and expenses, and putting aside the needed reserves for future benefits—as well as surplus to cushion against unforeseen events—we then determine the amount of remaining surplus to distribute to our policyholders. This is called the dividend.

Who receives dividends?Policyholders who own our participating whole life products share in any annual dividends that are declared.1

What makes up a dividend?

Traditionally, there are three major components that enter into a dividend calculation.

Investment results

Mortality experience

Expense management

Our prudent investment strategy balances return with appropriate risk. We invest participating life insurance policy premiums in a portfolio comprised mostly of high-grade corporate, mortgage-related, and government bonds and loans. The balance of the portfolio is invested in equity-type assets. Because we invest primarily in bonds, interest rates influence our investment returns, and thus affect the dividends distributed to policyholders.

Our mortality experience is based on the amount of death claim payments made to beneficiaries. If our claims experience differs from what we anticipated, this may be reflected in the dividend we distribute to policyholders.

Like any other company, we incur operating costs, taxes, and other expenses. If these expenses differ from what was expected, this may be factored into the dividend.

But there’s another component that sets New York Life apart:

Mutuality.

Remember, when we generate strong earnings beyond our core life insurance business we can share a portion of the earnings from across our other business lines with participating policyholders in the dividend.

4

What is a dividend interest rate? The dividend interest rate (DIR) is a factor used within the investment component of the dividend calculation. It is important to note that the DIR is not a rate of return the client will earn. There is no standard practice that companies have to follow in determining their DIRs. On its own, the DIR should not be used to evaluate policies in terms of cost, benefits and performance. However, it can be useful to look at the relative year-over-year changes in companies’ DIRs.

Bottom line: The company with the highest DIR may not pay the highest dividend, and a higher DIR may not necessarily result in a higher cash value or larger death benefit in the long term. The DIR is one of several factors to consider when comparing policies.

History of dividends

Our policyholders have been paid

dividends every year since

1854

5

A closer look at our investment strategy.2Our investment philosophy is based on a careful risk-return analysis. These are some of the guiding principles and disciplines that we believe form the basis for sound investing.

• Maintaining diversification. We do not take outsized stakes in any single investment opportunity, no matter how attractive it may appear.

• Conducting our own research. We do our own fundamental, bottom-up research, rather than relying on the analyses of others.

• Insisting on getting paid for taking risk. If we do not think a security is priced right, we will not invest.

• Taking a long-term view. We invest for the long term because we make long-term commitments to our policyholders. We will and do forsake the potential of short-term gains in order to preserve long-term safety.

• Maintaining ample liquidity. We ensure we have enough liquid assets to meet our obligations to our policyholders.

• Leading, not following, the crowd. We have learned over the years to avoid the frenzy of overheated markets and the panic when markets tumble.

Smart investors understand the importance of portfolio diversification. Here’s a look at the current asset allocation of our ordinary life portfolio.

Ordinary life portfolio as of 12/31/14*†

14%

15%

18%

12%

12%

16%

0%

6%6%

U.S. government and agencies

Equity and other interests

Non-agency investment gradeCMBS/ABS/MBS

Below-investment-gradeloans and securities

Mortgage loans

Public investment grade

Policy loans

Private investment grade

Cash and short-term investments

Source: New York Life data.* This portfolio is for ordinary life products sold after 1981, which represent the bulk of the company’s ordinary life assets.† Excludes derivative holdings.

2 Diversification does not assure a profit or protect against market loss. There is no guarantee that any investment strategy will be successful.

6

Why dividends are so valuable.Dividends can be used to build the value of your policy or may be an important source of income and savings. Policyholders can choose from four options when a dividend is declared:

1. Paid-up additions: Dividends can be used to pay for increased life insurance coverage without additional underwriting. These “paid-up additions” will increase the death benefit and help your policy generate more cash value—and since your cash value grows tax deferred, that means more money for you and your beneficiaries. Plus, if you use your dividends to purchase more insurance, this additional coverage will also be eligible for dividends—adding benefit on top of benefit.

2. Pay premiums: Dividends can pay a portion of your premiums, lowering out-of-pocket expenses.

3. Cash: You can receive dividends in the form of cash, which you can use any way you see fit.

4. Dividend accumulation: Dividends can be deposited with New York Life, where they can earn interest.3

3 Interest that is credited through the dividend accumulation option is subject to taxation.

Proven results2015 marks the

3rdconsecutive year

we’ve increased our divided scale and dividend payout.

7

Let’s see what history has to say about it:For 170 years, New York Life has been serving policyholders — and dividend payments have been a consistent part of the policyholder experience. We’re proud of our long history of paying dividends and our status as a Fortune 100 company, but we’re even more proud of our history of financial strength. We will always strive to balance paying dividends with the ongoing financial strength of the company. Protecting our policyholders is our most important mission.

Actual total company dividends paid by calendar year

1993 1,091,569,940 2001 1,515,041,799 2009 1,410,393,182

1994 1,101,567,759 2002 1,404,018,831 2010 1,322,303,510

1995 1,148,708,053 2003 1,295,469,736 2011 1,364,842,741

1996 1,228,583,773 2004 1,360,562,955 2012 1,307,739,392

1997 1,197,323,389 2005 1,406,340,257 2013 1,379,821,528

1998 1,281,517,987 2006 1,486,820,556 2014 1,529,211,973

1999 1,362,439,578 2007 1,534,038,151

2000 1,437,298,714 2008 1,664,950,080

Source: As shown in NAIC Annual Statement for applicable year, Exhibit 4, line 9.

New York Life continues to enjoy the highest ratings currently possible for life insurers from all four major rating agencies.

AAA ExceptionallyStrong Fitch

A++ Superior A.M. Best

Aaa Exceptional Moody’s

AA+ Very StrongStandard & Poor’s

AAAExceptionallyStrong

Fitch

A++Superior

A.M. Best

AaaExceptional

Moody’s

AA+Very Strong

Standard & Poor’s

A++Superior

A.M. Best

AAAExceptionallyStrong

Fitch

AaaExceptional

Moody’s

AA+Very Strong

Standard & Poor’s

A++Superior

A.M. BestJune 4, 2014

AAAExceptionallyStrong

FitchAugust 13, 2014

AaaExceptional

Moody’sJuly 27, 2014

AA+Very Strong

Standard & Poor’sJune 27, 2014

Why New York Life?

Products and solutions offered:

We offer a selection of different policies and premium-paying periods that help you protect the people and things you care about most. And since no two policyholders are exactly the same, we also offer a variety of riders—some at additional cost—that are designed to customize many of our products to fit almost any situation and budget.

Our portfolio of products, our strength, and our history of providing value are what make us stand out in the industry.

Financial strengthNew York Life has

170years of experience

helping policyholders build a strong

financial future.

New York Life Insurance Company

51 Madison Avenue New York, NY 10010

www.newyorklife.com

14842.032014 SMRU1627766 (Exp.11.15.2015)

In Oregon, the New York Life Whole Life and Custom Whole Life policy form number is ICC12213-50